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NBA AGC 2026: Chief Emeka Obegolu, SAN, Legal Experts Advocate for Financial Literacy, Proper Pricing and Effective Fee Recovery for Lawyers


Legal Diary News

The need for Nigerian lawyers to embrace financial literacy, proper pricing, transparent billing and effective fee recovery took centre stage at the 66th Annual General Conference of the Nigerian Bar Association (NBA) in Port Harcourt.

The highly engaging session, titled “The Business of Fees: How Lawyers Should Price, Bill, and Get Paid,” focused on the theme, “Pricing Strategy, Client Value, and Fee Recovery in Modern Legal Practice.”

The session was moderated by Emeka Obegolu, SAN, Chairman of the NBA Remuneration Committee, and featured a distinguished panel comprising Bode Olanipekun, SAN; Ikechukwu Ekwueme; Chinyere Okorocha; Aisha Ado Abdullahi; and Isdore Ozuo.

The panel examined one of the practical challenges confronting modern legal practice: how lawyers can properly value their professional services, communicate that value to clients, structure their fees and ensure professional recovery of fees without compromising ethical standards.

Speaking on the significance of the conversation, Obegolu observed that while lawyers devote years to mastering statutes, judicial authorities and legal principles, comparatively less attention is often given to understanding the economics and business structure of legal practice.

According to him, the legal profession remains a noble calling, but a sustainable legal practice requires lawyers to understand pricing, billing, cash flow, profitability, budgeting, financial planning and client value.

One of the major issues highlighted during the session was the importance of engagement letters and properly prepared fee notes.

The panel stressed that clear communication at the commencement of the lawyer-client relationship can significantly reduce disagreements over professional fees. Clients should understand the precise scope of the lawyer's engagement, the professional fees and associated charges, the basis for calculating such fees and the agreed terms of payment.

Lawyers were equally reminded of the need to ensure that their billing practices comply with the applicable Remuneration Order, the Legal Practitioners Act and the ethical obligations regulating the legal profession.

The discussion emphasised that proper billing goes beyond the simple question of getting paid. It promotes professional discipline, transparency and trust while protecting both lawyers and clients from avoidable disputes.

Another major takeaway from the session was the growing importance of financial literacy among legal practitioners.

The panel maintained that professional competence in contemporary legal practice should no longer be measured solely by knowledge of cases, statutes and legal principles. Lawyers, particularly those managing law firms, must also understand the financial realities of operating a professional practice.

Reflecting on the session, Obegolu said the profession must increasingly move from understanding only the doctrine of law to equally understanding the business of law.

“Ultimately, the goal is not simply to charge more. It is to price fairly, deliver value, communicate clearly and get paid professionally.”

He noted that a lawyer who properly understands the value of his or her work is better positioned to communicate that value to clients, while effective pricing and billing systems can help build sustainable practices and minimise unnecessary conflicts over fees.

Obegolu expressed appreciation to the Nigerian Bar Association for providing the platform for the conversation and commended the panelists for bringing practical experience, depth and candour to the discussion.

He, however, stressed that more work remains to be done to strengthen the financial and business consciousness of Nigerian lawyers.

The session ultimately reinforced a growing reality in contemporary legal practice: the successful lawyer of the future must not only know the law but must also understand the business of practising law.

Legal Diary News

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